“Through these evolving technologies, blockchain can affect and perhaps radically transform all kinds of interactions: from business and legal to social and political.”

BARRIERS TO GROWTH

The report also highlights a number of barriers that may inhabit the growth and maturity of the burgeoning blockchain technology market.

An interesting barrier highlighted is the need for vendors to drive interest in the technology for end users and create awareness of the various applications across different sectors.

Among other barriers to growth highlighted in the report:

scalability

cost

privacy

clarification of the current legal uncertainties surrounding smart contracts.

“While the cryptocurrency market may be maturing, IoT applications are still largely untested,” Menting continued. “The excitement around Bitcoin’s success is nonetheless fuelling a great many endeavours beyond fintech that are likely to impact IoT.”